The deal marks one of Alphabet’s largest infrastructure-focused acquisitions and points to a growing reality in Big Tech: AI is as much an energy problem as it is a computing challenge. By bringing Intersect Power in-house, Bloomberg reports that Alphabet aims to gain tighter control over how, where, and when power is generated for Google’s data centers as U.S. grids strain under rising demand.

Alphabet, which operates Google, first partnered with Intersect last year through a minority investment to co-locate large-scale energy plants next to data center campuses. The full acquisition deepens that relationship, giving Google access to Intersect’s development platform, team, and in-progress projects already contracted to the company.

Google Chief Executive Officer Sundar Pichai said Intersect will help Alphabet expand capacity and move faster when building new generation alongside data center load, calling the move essential to sustaining U.S. innovation and leadership in AI. That urgency reflects a broader industry scramble, as hyperscalers compete to lock in power amid aging grid infrastructure.

Intersect Power, backed by TPG, focuses on large solar and battery storage projects designed to serve power-hungry data centers. The company has roughly $15 billion worth of energy assets operating or under construction across the U.S., with Texas emerging as a key hub due to its abundant wind and solar resources.

Notably, the report details that Intersect will retain its brand and remain under CEO Sheldon Kimber, while grid assets contracted to other customers will stay outside the transaction. TPG Rise Climate will continue to hold a stake in those remaining assets, according to Alphabet.

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Beyond traditional data centers, Alphabet has also quietly extended its reach into the digital asset sector by backing select publicly traded bitcoin mining firms pivoting toward AI and high-performance computing (HPC). Through financial backstops and credit support totaling billions of dollars, Google has enabled miners to repurpose existing power infrastructure for AI workloads via partnerships with firms like Fluidstack.

Companies such as Cipher Mining, Hut 8, and Terawulf have announced long-term AI and HPC leasing deals supported by Google-backed guarantees, making them more attractive to lenders while giving Google future compute access and equity upside.

Taken together, Alphabet’s Intersect Power acquisition and its strategic backing of miner-led AI infrastructure point to a clear theme: controlling power has become a competitive advantage in the AI race, and Google is no longer content to leave that battle to utilities alone.

• Why is Alphabet buying Intersect Power?
  The deal gives Google greater control over electricity supply for its AI data centers as power demand intensifies.
• How much is Alphabet paying for Intersect Power?
  Alphabet agreed to pay $4.75 billion in cash, plus assume existing debt, Bloomberg reported.
• Will Intersect Power remain independent?
  Yes, Intersect will keep its brand and leadership, while non-Google contracted assets stay outside the deal.
• How does this relate to bitcoin miners and AI?
  Google has backed select bitcoin miners pivoting to AI and HPC, using their power infrastructure to support data center demand.

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